BRIEF: Culp Inc. has 64-percent increase in net income 

BRIEF: Culp Inc. has 64-percent increase in net income

HIGH POINT, Nov 28, 2012 (Menafn - Winston-Salem Journal - McClatchy-Tribune Information Services via COMTEX) --Culp Inc reported Tuesday a 64 percent jump in net income to 3.85 million in its second quarter of fiscal 2013, which ended Oct. 28.

The High Point mattress and upholstery fabric manufacturer had a 13-cent increase in diluted earnings to 31 cents a share compared with a year ago.

The company benefited from an income tax benefit of 3.7 million in the second quarter compared with a 3.4 million benefit in the second quarter of fiscal 2012.

Adding the income tax benefits raised the company's net income to 8.27 million in the second quarter and 6.25 million in the second quarter of fiscal 2012. Most analysts exclude one-time charges and gains from their earnings forecasts.

Sales were up 13 percent to 65.6 million.

Frank Saxon, Culp's chief executive, said he expects overall third-quarter sales to rise in a range of 4 percent to 9 percent above sales in the third quarter of fiscal 2012.

The company said its board of directors has approved the payment of a special cash dividend of 50 cents a share, as well as accelerated its scheduled quarterly cash dividend of 3 cents a share. Both payments will be made Dec. 28 to shareholders registered Dec. 19.

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